Indian payment gateway services provider
Razorpay Software has confidentially filed draft papers for an
initial public offering, a newspaper advertisement showed on
Monday.
The confidential route allows IPO-bound firms to keep their
filings private until the launch of the public issue.
Financial news publication Moneycontrol on Sunday reported
that the proposed issue is expected to raise over $500-$600
million, while The Economic Times in April said that the
confidential IPO filing was for a $600-700 million issue, with
the valuation pegged at $5 billion-6 billion.
Razorpay, backed by investors such as GIC, Y Combinator and
Lightspeed, provides technology that enables businesses to
accept online payments from customers. It also helps protect
customers’ sensitive information, reduces payment failures, and
simplifies settlement of funds.
The platform processes transactions through methods
including credit and debit cards, UPI, net banking, buy now and
pay later options and digital wallets. It earns revenue by
charging a fee on transactions.